"Security analysis does not seek to determine exactly what is the intrinsic value of a given security. It needs only to establish either that the value is adequate—e.g., to protect a bond or to justify a stock purchase—or else that the value is considerably higher or considerably lower than the market price. For such purposes an indefinite and approximate measure of the intrinsic value may be sufficient. To use a homely simile, it is quite possible to decide by inspection that a woman is old enough to vote without knowing her age or that a man is heavier than he should be without knowing his exact weight." --Benjamin Graham and David Dodd (Security Analysis)
The Tim Ferriss Show (podcast): #431: Howard Marks on the US Dollar, Three Ways to Add Defense, and Good Questions (LINK)
Amazon, Berkshire, JPMorgan Health-Care Venture Looking for New CEO [H/T Linc] ($) (LINK)
Atul Gawande is in advanced discussions to step down as chief executive and take on a less operational role as chairman of Haven, the health-care venture backed by Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co., according to people with knowledge of the matter.
Dr. Gawande, a prominent surgeon and professor at Harvard University, wants to move away from day-to-day management of Haven and focus more on policy and advocacy work, particularly related to the current coronavirus pandemic, the people said.
Oil Crash Busted Broker’s Computers and Inflicted Big Losses (LINK)
Value Hive Podcast: 24: More Than Shipping Stocks w/ Harris Kupperman, Praetorian Capital (LINK)
What's Next for Oil? MacroVoices #218 Postgame (video/podcast) (LINK)
Odd Lots Podcast: Richard Koo Explains Why The Recovery Will Be So Difficult (LINK)